Two Keystone addresses tend to turn heads: steps from the gondola or along a fairway. If you are weighing these two locations, you are likely balancing lifestyle, rental income, and long-term value. This guide breaks down how each setting typically prices, who it attracts, and what to watch before you buy or list. Let’s dive in.

Keystone premiums explained

What drives a gondola premium

You pay for convenience and scarcity. In Keystone, true base-area access is limited, and many buyers prize walking to River Run for first chair and village amenities. Industry reporting shows lift-adjacent homes in top ski markets command meaningful premiums because of access and rental demand, though the size is local and property-type specific according to national resort market coverage.

What drives a golf-course premium

Views, open space, and frontage matter. Academic reviews consistently find a positive golf-course premium for true frontage or unobstructed views, with reported ranges often in the single to low double digits, and sometimes higher depending on course quality and market context as summarized in peer-reviewed literature and industry reviews. The premium drops when a home is merely “near” the course without view or access.

How pricing differs

Property types and buyer profiles

Gondola-proximate homes in River Run Village are mostly condos and townhomes. Buyers often prioritize winter access, walkability, and amenity-rich HOAs. Golf-course properties at Keystone Ranch or along the River Course skew toward single-family homes on private lots, attracting buyers who value space, views, and outdoor living.

Liquidity and price bands

These are different micro-markets. Base-area condos trade in condo price bands, while golf-course homes can carry higher absolute prices due to size and lot value. Countywide, prices sit in the high six to seven figures depending on property type and timing, and market time can shift with season and inventory as local reporting notes. Always anchor your decision in recent Keystone comps.

STR income and seasonality

Gondola-proximate condos often see higher winter occupancy because the lift is steps away. That can lift gross revenue per bedroom in peak ski season. For golf-course homes, summer can be strong for whole-home bookings, but the golf season is shorter at elevation and typically runs late spring to early fall per the resort’s golf information. Whichever you choose, account for Keystone’s licensing, lodging tax, and responsible-agent rules when modeling net returns using the Town’s STR guidance.

Costs and risks to weigh

Carrying costs and HOAs

Base-area HOAs often include pools, hot tubs, maintenance, and common-area services, which increase monthly fees. Golf-course homes usually trade higher HOA amenity fees for larger private maintenance budgets. Compare total carrying cost, not just purchase price.

Noise, privacy, and experience

Village life can mean event noise, foot traffic, and gondola queues. Specific unit location still matters: corner units, higher floors, and better views often price higher. On the course, you gain open sightlines and privacy, but weigh groundskeeping schedules and the occasional golf ball.

Operational and regulatory shifts

Amenity premiums rely on operations. Changes to liftlines, village programming, or course operations can affect value. Academic reviews also note that premiums can erode if an amenity declines in quality or closes a key caveat in the literature. For rentals, comply with Keystone STR licensing and budget for fees and taxes per Town rules.

Valuing the premium

Paired-sales approach

To estimate an amenity premium, compare recent closed sales for similar homes with and without the feature. Keep property type, size, bedroom count, and HOA structure as constant as possible. Appraisers and analysts often rely on paired-sales and hedonic methods to isolate amenity effects as outlined in valuation research.

Avoid common pitfalls

• Do not apply a national percentage to Keystone without local calibration.
• Distinguish frontage or true walk-to-lift from simple proximity.
• Model net STR income, not gross, after management, HOA, licensing, tax, utilities, and vacancy.
• Confirm HOA and Town rules before advertising rental potential using official sources.

Listing strategy tips

If you are selling near the gondola

• Lead with convenience: steps to River Run, ski lockers, transit, and on-site amenities.
• Provide winter occupancy history and a clear net-income model with line-item costs.
• Highlight unit-level design features that cut noise and enhance views.

If you are selling on the course

• Emphasize view corridors, outdoor living, privacy, and access to clubhouse amenities.
• Note the seasonal golf calendar and other nearby four-season activities.
• Showcase design details that frame fairway views and maximize natural light.

For buyers choosing between them

• If you want peak winter use and simpler STR operations, gondola-proximate condos often fit better.
• If you value space, privacy, and summer lifestyle, golf-course homes may align more closely.
• In both cases, ask for paired-sales support and a full cost-of-carry breakdown.

Bottom line

Both locations can justify a premium in Keystone, but for different reasons. The gondola premium hinges on winter access and rental demand. The golf-course premium rests on views, frontage, and the quality of the course experience. Your best move is to test assumptions with recent Keystone comps, confirm STR rules, and model net income and total cost of ownership.

If you want a precise read on the premium your property can command in Keystone, connect with Lou Cirillo for a tailored valuation and strategy.

FAQs

What is the gondola premium in Keystone?

• It varies by building, unit position, views, and STR potential, but industry reporting supports a meaningful lift-adjacent premium in major ski markets; verify with local comps in River Run Village per national resort coverage.

How much more do golf-course homes sell for?

• Literature often cites single to low double digit premiums for true frontage or unobstructed views, with outliers higher, but you should compute Keystone-specific figures from recent Keystone Ranch and River Course sales per academic and industry reviews.

Which rents better in Keystone: gondola condos or golf homes?

• Gondola-proximate condos typically see stronger winter occupancy, while golf homes can perform in summer with whole-home stays; model net income after Town licensing, lodging tax, management, and HOA costs using official STR rules and consider the golf season window from the resort.

Do current Keystone STR rules affect value?

• Yes, licensing, responsible-agent requirements, and lodging tax can change net returns and buyer demand for both segments, so verify compliance and costs before pricing or purchasing through the Town’s STR page.

How do HOA and upkeep costs compare?

• Base-area condos often have higher HOA fees for shared amenities and services, while golf-course homes tend to have lower shared fees but higher private maintenance; compare total monthly cost of carry for an apples-to-apples view.